'Unstable' market making flats to rent in London desirable?
flats to rent in London could be seen as a more attractive alternative to purchasing, as one Estate Agent reveals that the market is still unstable.
Knight Frank has released its July Prime Central London Index, which shows that property prices in the capital fell slightly during the month, although values are still higher than March 2009, their lowest point during the economic crisis.
All areas in the city are suffering, with the exception of the famously expensive Mayfair region.
Head of residential research Liam Bailey said that prices are encouraging potential buyers to look into renting as many vendors want too much.
"Most agents across the capital believe that asking prices are between five per cent and ten per cent higher than where the actual market is at the current time," he added.
The company's Fulham office recently reported that rental properties in the capital were gaining popularity, with around 94 per cent of tenants choosing to renew their lease in June.
Published 3rd August, 2010
© 2010 Estates IT Limited
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The purchasing market in the capital is still fluctuating, according to one city estate agent.